Trade activity picked up on the cotton market on Monday in the process of trading, dealers said. The official spot rate was unchanged at Rs 6700, they said. In ready session, over 7000 bales of cotton changed hands between Rs 6800 and Rs 6925, they said.

According to the market sources, both mills and spinners indulged in fresh buying to cover their immediate requirement ahead of Ramazan, they said. Cotton analyst, Naseem Usman said that prices remained steady likewise in the world. He also said that ginners believe a delay in the arrival of cotton can lead to higher price in days ahead. So that the mills were trying to lay hands over the fine type of cotton at present levels, other analysts said. The following deals reported: 1400 bales from Bhakar at Rs 6800, 4600 bales from Rahim Yar Khan at Rs 6850, 887 bales from Uch Sharif at Rs 6875, 400 bales from Yazman Mandi at Rs 6900, 400 bales from Khanpur at Rs 6925, dealers said.

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The KCA Official Spot Rate for Local Dealings in Pakistan Rupees

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FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"

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                                    MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL

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Rate              Ex-Gin   Upcountry   Spot Rate    Spot Rate    Difference

                    For      Price     Ex-Karachi  Ex. KHI. As   Ex-Karachi

                                                  on 13.05.2017

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37.324 kg         6,700       135        6,835         6,835            Nil

Equivalent

40 kgs            7,180       145        7,325         7,325            Nil

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Copyright Business Recorder, 2017